Moscow, Russia – June 15, 2006 – Wimm-Bill-Dann Foods OJSC [NYSE: WBD] today announced its financial results for the three months ended March 31, 2006.

• Group sales rose 18.4% year-on-year to US$385.7 million
• Gross profit increased 35.7% with gross margins increasing to 29.5% from 25.7%
• Operating income increased three-fold to US$29.7 million
• Adjusted EBITDA grew two-fold to US$44.3 million, adjusted EBITDA margin1 increased to 11.5% from 6.7%
• Net income increased six-fold to US$17.4 million
• Operating cash flow increased 54.3%, amounting to US$57.9 million

Commenting on today’s announcement Tony Maher, Chief Executive Officer of Wimm-Bill-Dann Foods OJSC, said: “I am very pleased with the excellent results we posted in the first quarter of 2006. Sales grew by an impressive 18%, the growth was almost entirely organic. For the first time in many quarters, we saw gross margin recovery for the group as a whole. Group gross margin stood at 29.5%, compared to 25.7% a year ago, this was achieved despite ongoing pressure due to raw materials costs in beverages. Group operating income increased three-fold to almost US$30 million. EBITDA doubled year-on-year and stood at US$44.3 million. EBITDA margin increased to 11.5% compared to 6.7% during the first quarter 2005 and compared to 10.1% during full year 2005. The net profit for the group increased six-fold to US$17.4 million compared to US$2.9million in the first quarter 2005.

I have also had the opportunity over the past two months to get to know our management team as well as visit more than 20 of our 30 plants across Russia and the CIS. Alongside the impressive numbers reported today, what I’ve seen in my first months gives me real confidence that we have the tools necessary to achieve our strategic objective of maintaining our leadership and enhancing profitability while at the same time making full use of our considerable geographic reach and brand portfolio.”

Key Financial Indicators of 1Q 2006

Sales in the Dairy Segment increased 23.3% from US$232.0 million in the first three months of 2005 to US$286.1 million in the first three months of 2006. This was mainly driven by volume growth and an increase in selling prices in the main product categories. The overall impact of acquisitions made in 2005 on the segment’s financial performance accounted for about 3.0% of the total Dairy Segment sales volume. The average dollar selling price rose 10.0% from US$0.79 per 1 kg in the first three months of 2005 to US$0.87 per 1 kg in the first three months of 2006. This increase was driven mainly by ruble price increases. The gross margin in the Dairy Segment increased to 27.6% from 22.0% due to the rise in average selling price outstripping the rise in raw milk prices that grew by 5% y-o-y in ruble terms.

Sales in the Beverages Segment stayed almost flat at US$73.5 million in the first three months of 2006. The average selling price decreased 4.5% from US$0.70 per liter in the first three months of 2005 to US$0.67 per liter in the same period of 2006. This decrease was chiefly due to the higher proportion of less expensive products in our Beverages portfolio (Lovely Garden brand). The gross margin in the Beverages Segment declined to 33.9% from 35.2%, driven by increased prices for concentrates and sugar, as well as decreased average selling price.

Sales in the Baby Food Segment increased 25.5% to US$26.1 million in the first three months of 2006 from US$20.8 million in the first three months of 2005. The average selling price rose 13.9% from US$1.46 per 1 kg in the first three months of 2005 to US$1.66 per 1 kg in the first three months of 2006. This increase was driven primarily by an increase in the average ruble selling price as well as the continuing increase of the proportion of higher priced products such as drinkable yogurts, purees and juices in the overall product mix. The gross margin in the Baby Food Segment increased to 37.3% from 35.1%.

Selling and distribution expenses slightly decreased as a percentage of sales from 13.7% to 13.6% y-o-y, general and administrative expenses decreased as a percentage of sales from 8.3% to 7.7%, both mainly resulting from relatively stable personnel expenses. The operating margin increased from 2.9% to 7.7%.

Financial income and expenses during the first three months of 2006 decreased by 48.7% to US$2.0 million compared to US$3.9 million in the same period of 2005. This was mainly the result of foreign currency translation gains amounting US$5.0 million in the first three months of 2006, compared to US$1.7 million in 2005, as well as of an increase in interest income, which grew four-fold from US$0.3 million to US$1.3 million. This interest income was generated by short-term bank deposits made at the end of 2005 using funds, raised with the ruble bond issue made in December 2005.

Income tax expenses totalled US$9.7 million compared to US$2.0 million in the first quarter 2005. At the same time, the effective tax rate decreased from 36.0% to 34.8% as a result of decreased expenses not deductible for statutory purposes and a higher number of profitable entities within the Wimm-Bill-Dann’s group.

Net income increased from US$2.9 million to US$17.4 million.

Attachment A
*Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to US GAAP Net Income
Adjusted EBITDA is a non-U.S. GAAP financial measure. The following table presents reconciliation of Adjusted EBITDA to net income (and Adjusted EBITDA margin to net income as a percentage of sales), the most directly comparable U.S. GAAP financial measure.

Adjusted EBITDA represents net income before interest, income taxes and depreciation and amortization, adjusted for interest income, currency remeasurement gains, bank charges and other financial expenses and minority interest. Adjusted EBITDA margin is Adjusted EBITDA expressed as a percentage of sales.

We present Adjusted EBITDA because we consider it an important supplemental measure of our operating performance. In particular, we believe Adjusted EBITDA provides useful information to securities analysts, investors and other interested parties because it is used in the “debt to EBITDA” debt incurrence financial measurement in certain of our financing arrangements.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as substitute for analysis of our operating results as reported under U.S. GAAP. Since we adjust EBITDA for recurring items in order to calculate Adjusted EBITDA, we particularly caution users that Adjusted EBITDA is not an alternative to net income, operating income or any other GAAP measure, nor to EBITDA. Moreover, other companies in our industry may calculate Adjusted EBITDA differently or may use it for different purposes than we do, limiting its usefulness as a comparative measure.

Adjusted EBITDA also should not be considered as an alternative to cash flow from operating activities or as a measure of our liquidity. In particular, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business.

WIMM-BILL-DANN FOODS

Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars, except share and per share data)

WIMM-BILL-DANN FOODS

Consolidated Balance Sheets
(Amounts in thousands of U.S. dollars)

WIMM-BILL-DANN FOODS

Consolidated Statements of Cash Flows
(Amounts in thousands of U.S. dollars)